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Ripple is launching the RLUSD stablecoin tomorrow, December 17th.
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Ripple will begin using RLUSD to make international payments as early as next year.
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XRP has risen by more than 15 percent in the last week following NYDFS approval for RLUSD.
The American fintech company Ripple is launching its much-anticipated stablecoin RLUSD on Tuesday. This has created a bullish environment for the XRP token, which has surged more than 15% over the past week, and 2.60% just in the last 24 hours. It is now nearing $2.50. The upcoming launch could push XRP to $3 in the near future.
RLUSD Aims To Dominate Cross-Border Transactions
Fortune reports that Ripple is aiming to become the leader in cross-border transactions by launching RLUSD. The stablecoin was approved by the New York Department of Financial Services last week. The stablecoin is initially listed on Uphold Bitso MoonPay Archax and CoinMENA exchanges.
Read Also: Ripple’s $915M Transfer of XRP Sparks RLUSD Stablecoin Hope
Jack McDonald, senior VP for stablecoins, Ripple, says that stablecoins have characteristics similar to the US dollar but are “nowhere as volatile as cryptocurrencies.” The fintech firm plans to focus on connecting RLUSD and the traditional finance system in the near future.
Ripple Payments (Ripple’s subsidiary focusing on cross-border payment) will also start using RLUSD as early as next year. This could lead to a greater use of the stablecoin, while also driving up the price of XRP.
XRP Price Analysis
XRP is currently trading at $2.47 with a $141.2 billion market cap and is the third largest cryptocurrency in terms of valuation. The Relative Strength Index (RSI) for the XRP Price Action is 65.34, which indicates that the bulls have overall control over the altcoins’ price action. The gradient of the line also suggests a move to $2.5.
The MACD indicator displays a bearish divergence with the MACD line (blue) moving above the signal line (red). This means that XRP holders were significantly affected by the recent sell-off. The two lines are moving towards each other, suggesting that a bullish divergence could occur in the next few days.
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